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A year after taking political power in Washington D.C., the Democrats have finally found out a find out how to end the pay on online gambling. Legalize it and tax it to pay for his or her pet project -- government-run health care.
A Joint Committee on Taxation study released today by Rep. Jim McDermott (D-WA) discovered that regulating Internet gambling, as proposed in pending legislation introduced by Representatives Barney Frank (D-MA) and Jim McDermott (D-WA), would generate nearly $42 billion over 10 years.
The research relies at the provision of a federal license for operators that will let them offer online gambling inside the United States, while maintaining existing federal prohibitions on any type of sports betting.
"This analysis further reinforces the truth that a regulated environment will generate billions in new revenue to offset the prices of health care reform or other vital government programs," said Michael Waxman, spokesperson for the Safe and Secure Internet Gambling Initiative. "IT IS ONLY a question of time before Congress acts and begins allocating the billions in new revenue sitting at the table to 1 program or another."
The once-in-a-lifetime chance to generate billions in new revenue is vital on account of a congressional rule that any piece of legislation must either be budget neutral or offset with identified savings.
"We believe this tax revenue analysis will encourage immediate discussions and consideration of pending legislation to control Internet gambling," added Waxman. "With everyone acknowledging that attempts to ban the activity have failed, this gives much more incentive for Congress to act."
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